Read how Scotiabank has transformed its anti-money laundering program into a competitive advantage and saved $4.2 M within the first 6 months.
Read about common AML challenges, learn insights based on data and customer experiences and get practical guidance on how to design your own automation approach to these issues.
Intelligent AML Automation
Read how you can get a long-term competitive advantage by transforming anti-money laundering operations with Intelligent Automation.
The stakes are higher than ever
In addition to the ongoing fears of potential damage to a bank’s reputation and continuously evolving threats, the stakes are higher than ever.
Rising operational costs
Most AML activities require significant manual effort, making them inefficient and difficult to scale. In 2018, it cost the U.S. financial services industry $25.3B to manage AML.
Enforcement actions related to AML have been on the rise — up to about $6.2B in 2018.
Poor customer experiences
Compliance staff must have multiple touchpoints with a customer to gather and verify information, which means a longer deal cycle that might lead to customer churn.
Opportunity cost of losing new business
While a bank is under a potential compliance investigation, its activities might be suspended.
WorkFusion automates manual process within AML, including adverse media monitoring, ultimate beneficial owner search, legal entity structure and sanction screening alert disposition.
With intelligent AML automation, our customers achieve:
They will help you select the best use case for your business and demonstrate how to scale the automation further with Intelligent Automation Cloud.